Kolkata witnessed a historic moment in the bullion market as the price of 10 grams of 24-carat gold breached the Rs 1 lakh mark, including GST, on Monday evening—just nine days ahead of Akshaya Tritiya, one of the most significant gold-buying festivals in the country.

Despite the psychological milestone and sharp price rise, jewellers remain confident that consumer sentiment will remain strong. Industry insiders suggest that the increase had been anticipated for some time, and both retailers and consumers have gradually adjusted to the escalating costs. With gold continuing to be perceived as a safe investment and a culturally rooted asset, the demand is expected to hold steady.

Over the past three years, gold prices have followed a consistently upward trajectory. In May 2022, the price of 24-carat gold stood at Rs 52,900 per 10 grams. By May 2023, it had climbed to Rs 60,000. In early May 2024, it was already at Rs 68,700 before the latest surge pushed it beyond the Rs 1 lakh threshold—a steep climb in a relatively short span.

This year’s Akshaya Tritiya is expected to test consumer resilience and the adaptability of jewellers. While some may opt for smaller or lighter-weight pieces, many buyers are likely to prioritise the occasion itself, reinforcing the emotional and traditional significance of gold purchases.

Retailers have been proactively adjusting their strategies, introducing lightweight collections, innovative designs, and flexible pricing options to meet evolving customer expectations. With gold continuing to serve as both adornment and investment, the milestone price point may shift focus towards craftsmanship, design value, and emotional significance rather than sheer weight.

As the festive day approaches, the industry will closely watch consumer behaviour, which could set the tone for the remainder of the wedding and festive seasons.